An economic option

In times when the buzzwords for a youngster’ from any part of India, are money and glamour, a career in economics could be your pick. In addition, the study of economics teaches you a variety of practical skills, including the ability to use and evaluate evidence (often statistical) in order to arrive at sound conclusions.

 

For the academically inclined, the subject can be studied at a national institute like Delhi School of Economics or an international Institute like London School of Economics. Alternately, one can specialize in a branch like Business or Agricultural Economics.

 

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To start with, one must do graduation with economics as a Honours subjects. Most colleges in the country offer BA in Economics. While doing BA, one must get into the habit of reading original papers by reputed economists and develop an interest in the subject. An undergraduate degree in economics trains you to “think critically” about a variety of complicated situations. At the same time, one must also discover one’s interest in the various branches of the subject. These are:

 

A) Business & Trade: Business Economics is fast catching up as a separate career. Several Institute today offer courses like the Master of Business Economics (MBE); the course at Delhi University is quite reputed. The job involves making the business strategy for a company and undertaking investment or risk analysis. Profit and cost models would be required to be made. International trade issues and policies will also fall in the gamut of a Business Economist.

 

B) Banking & Finance: The growth of international trade has opened wide avenues for professional is a highly valuable resource and companies spend a lot of time and effort collecting it. A multinational company would want country reports, while large domestic companies need to be updated regularly on the economic environment. Merchant banking, foreign exchange and companies doing large transactions require the service of an economist.